ATTORNEY GENERAL ASHCROFT DIRECTS FEDERAL PROSECUTORS TO IMPLEMENT
THE CORPORATE FRAUD AND ACCOUNTABILITY ACT OF 2002

WASHINGTON, D.C.- Attorney General John Ashcroft today issued a
directive to the 94 U.S. Attorney's offices and all 56 FBI Field Office
ordering immediate implementation of the Sarbanes-Oxley Corporate Fraud and
Accountability Act of 2002 to combat corporate fraud.

Yesterday, President Bush signed the Act into law, giving federal prosecutors
the ability to seek new criminal penalties for securities fraud, attempts to
commit mail, wire, bank and health care fraud, certifying false financial
statements, document destruction or tampering, and retaliating against
whistleblowers.

"Today I directed our nation's federal prosecutors and investigators to
utilize all of these new tools as they fight corporate crime," Ashcroft said.
"The Justice Department will do everything it can to protect the hard-earned
savings and investments of the millions of Americans who have planned for
their future, saved for their children's educations, and prepared for their
retirement."

In conjunction with the Attorney General's directive, the Fraud Section of the
Criminal Division issued a set of field guidances to prosecutors and
investigators which outline the new tools and penalties in the Act, its
retroactive or prospective applications, as well as the information sharing
and coordination measures with other federal regulatory agencies.

The Attorney General also wrote to the U.S. Sentencing Commission, directing
them to review, and as appropriate, amend the guidelines related to
obstruction of justice, criminal fraud, accounting and securities fraud, as
well as the new "white collar" provisions in the Act related to document
destruction or tampering. The Commission is to determine whether the penalties
and enhancements in the Act are sufficient to deter, prevent and punish
financial crime as well as to add penalty enhancements for officers or
directors of publicly traded companies who engage in such offenses. The
Commission will have 180 days to review and amend the guidelines.

"These are the most significant and far reaching measures to reform corporate
misconduct in decades," Ashcroft said. "We will continue to investigate and
prosecute vigorously corporate fraud — and we will bring to justice those who
have abused the trust of investors and employees."